Should I Be a Co-Owner of My Student’s Checking Account?

There are two paths you can take when opening an account for your student: He or she can manage the account alone, or you can be a co-owner of the account. (If your child is under 18, he or she will need a parent to be a co-owner on the account.)

If your student is the sole owner of the account

You can set the stage for this by providing practical guidance about money and banking basics, including how to make deposits and transfers, and how to avoid overdrafts and non-network ATM fees.

If you’re a co-owner of the account

Your student will manage the account day-to-day, but you’ll have access to it via U.S. Bank Online and Mobile Banking or by calling our 24-Hour Customer Service.

You can deposit or transfer money directly into the account from another U.S. Bank account.

You can choose to receive messages like low-balance alerts via text or email to stay informed of the account status.

One downside: If your student’s account is overdrawn, you’re also liable for that money. Moreover, if the overdraft isn’t corrected within a certain timeframe, the bank could close the account, and this information would be reported to other banks.

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